BUSINESS
Union Budget 2021: Govt is procuring crops at 1.5 times MSP
In her Budget speech, the Finance Minister said procurement of crops will continue at the minimum support price. Presenting statistics on procurement of wheat and rice on MSP, she said that this year Rs 1,72,000 crore will be spent on procurement of rice and more than Rs 62,000 crore have already been spent on procurement of wheat.
Union Budget 2021: Development Financial Institution proposed to fund projects
The Finance Minister proposed to create the DFI -- National Bank for Financing Infrastructure and Development (NaBFID) -- via a parliamentary bill. Accordingly, the DFI will be formed with a seed capital of Rs 20,000 crore.
Railways gets push of Rs 1.1 lakh cr with Rs 1.07L cr for capex
Presenting the Union Budget 2021-22, Sitharaman said, "I am announcing a record sum of Rs 1,10,055 crore for Railways of which Rs 1,07,100 crore is for capital expenditure only." She said the Railways will monetise DFC assets, its operations and maintenance after its commissioning.
Markets expected to be volatile today
The Sensex was up by 387 points at 46,673 points in morning trade as all eyes were on the crucial Budget to be presented by Finance Minister Nirmala Sitharaman. Indusind Bank, ICICI Bank were the top gainers in the 30 share index. IT and pharma stocks are in the red while all other sectors in the indices are trading in the green.
Digital Budget: 'Made in India' tablet replaces 'bahi-khata'
With the move aimed at a paperless Budget, now 'bahi khata' (a ledger wrapped in red cloth) has been completely removed from this year -- a move to reinforce Prime Minister Narendra Modi's ambitious 'Digital India' mission. In 1947, India's first Finance Minister R. K. Shanmukham Chetty carried a leather portfolio to present the first Budget.
Additional revenue measures unlikely: Axis Capital
Axis Capital said in a note that recently revised corporate tax structure would be retained to maintain policy consistency so as to not deviate from the objective of attracting new investments. It added that personal tax hikes would curb consumption momentum hence prove counter-productive. Personal tax cuts may not net higher taxes as it could be saved given still uncertain income outlook.
India's first Budget amid Covid pandemic
Accordingly, Finance Minister Nirmala Sitharaman will present her third and most significant Finance Bill to Parliament. This year's Budget assumes significance as the Centre has to play a balancing act between inducing fiscal expansion, giving demand stimulus and maintaining the deficit under control.
Finance Minister leaves for Parliament to present Budget 2021
Sitharaman will present the Budget at 11 a.m. in the Lok Sabha. The Budget is in a series of three-four mini Budgets presented during last year considering the pandemic. This would be Sitharaman's third Budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi.
Global Chromebook market grows by over 4 times, HP leads
HP maintained top spot in the market with 3.5 million units shipped, up 235 per cent year-on-year. Lenovo placed second in the Chromebook market, having managed to greatly ramp up production to hit 2.8 million units for a massive 1,766 per cent growth," according to the report by market research firm Canalys.
GST fraud of Rs 940 cr busted, 340 bogus firms under lens
According to CyPAD, as many as 340 bogus companies suspected to be involved in fake business transactions are under the scanner. Police said that in order to generate the GST number, the fraudsters used fake or stolen PAN and Aadhaar cards. They have registered fake firms on GST portal and also procured multiple SIM cards on fake documents.
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